Markets Slicing Through Support Levels

(8/23/22) Friday's market sell-off is followed by mayhem on Monday, with the worst day of performance since the market found its bottom back in July. Markets sliced clean through levels of support yesterday and this morning are poised for a mild opening; we don't think it will be able to stick, however, as the 20-DMA is retested. Will Markets follow the trendline established for the past 20-weeks? The 100-DMA of 4080 is likely a more logical level to establish support. Any reflexive rally today might be a good opportunity to take profits and rebalance portfolios against risk. A failure of the 100-DMA will default to the 50-DMA at 3950--a 50% retracement of the rally from the low. We're watching the MACD indicator closely for signs of the next opportunity to put money to work. If markets can retain support through the upcoming Jackson Hole extravaganza and the September meeting of the FOMC, we might have a good shot for a rally into the year-end.
Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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